Coliseum already owns 19.23 per cent of the company and is offering 63 cents a share in a deal worth $86 million.
In its bidders’ letter, Coliseum cited a positive relationship with PAS management and board of directors and a bright outlook for the future.
“PAS is well positioned with seasoned management and a talented employee base to drive profitable growth, and the PAS’s ownership of a collection of storied Australian brands and ability to fill an underserved niche in the Australian market has the potential to continue meaningful value.”
PAS announced yesterday it is reviewing the bid and is not yet in a position to make a formal recommendation to shareholders.
The board has advised shareholders to take no action until it has made a formal recommendation regarding the offer, which closes on November 9 2015.